Featured Links

News

Mortgage Preapproval

The primary determining factor concerning whether or not you qualify for a mortgage is your credit score. To be more peculiar, your “middle” credit score.

Mortgage Rates Hit Record Lows!

What most people don’t notice is that you actually have three credit scores. One score in despite of each of the three main credit bureaus … Equifax, Experian, and Trans Union.

Your scores in of these bureaus can range from lowest score at 300 to the highest of 850.

As long as lenders analyze your credit scores, they’ll throw out your high score and your low score, and grant an initial “approval” based on your middle score.

Normal scores for the customary person run in the mid to high 600’s. With scores in this range, it’s fairly simple to qualify for a mortgage. Aside from scores are not a lenders only doubt. Moreimportant factors include:

  • 1. Employment: All lenders will check that you’ve been on the same job, or at least in the consistent field of work, for a minimum of 2 years.
  • 2. Income: All lenders choose to verify that you’ve had a stable income for a minimum period of 2 years.
  • 3. Assets: All lenders check that you have additional assets in an account such as a 401k or a checking or savings account, to cover at least 2 monthly payment amounts for the mortgage you’re applying for. Not required under FHA or a Va Home Loan.
  • 4. On Time” payments: All lenders will ascertain that you’ve performed rent or mortgage payments “On Time” each month for the last 2 years.

You’ll know I say “ All Lenders … and that’s as long as “I am refering to lenders require you to meet these standards if you are not putting at least a 20% down payment. Several of lenders, have fewer stringent requirements, will simply charge a higher interest rate to compensate for lesser standards.

Truth be told, it’s undoubtedly easier now to qualify for a loan than ever before. Even in despite of a past bankruptcy, you may still qualify for a loan if you have a middle credit score of at least 675, 30 days after the discharged date.

Literally 100’s if not 1,000’s of lenders available from a list of different mortgage companies across the country. It still comes down to the same question … your credit scores..

The higher your scores, the more options you'll have close by to you.

If your scores are low although, but you have compensating factors such as 1 and 2 above, it’s likely that you can still qualify for a loan. You might all the same be well-prepared qualify for a loan of as much like 100% of the buy price.

mortgage preapproval